KINGSTONE COMPANIES, INC.

Size: px
Start display at page:

Download "KINGSTONE COMPANIES, INC."

Transcription

1 SECURITIES & EXCHANGE COMMISSION EDGAR FILING KINGSTONE COMPANIES, INC. Form: 10-Q Date Filed: Corporate Issuer CIK: Copyright 2015, Issuer Direct Corporation. All Right Reserved. Distribution of this document is strictly prohibited, subject to the terms of use.

2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q (Mark one) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2015 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number KINGSTONE COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or (I.R.S. Employer Identification Number) organization) 15 Joys Lane Kingston, NY (Address of principal executive offices) (845) (Registrant s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of November 11, 2015, there were 7,335,110 shares of the registrant s common stock outstanding.

3 KINGSTONE COMPANIES, INC. INDEX PAGE PART I FINANCIAL INFORMATION 4 Item 1 Financial Statements 4 Condensed Consolidated Balance Sheets at September 30, 2015 (Unaudited) and December 31, Condensed Consolidated Statements of Income and Comprehensive Income for the three months and nine months ended September 30, 2015 (Unaudited) and 2014 (Unaudited) 5 Condensed Consolidated Statement of Stockholders Equity for the nine months ended September 30, 2015 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 (Unaudited) and 2014 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2 Management s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3 Quantitative and Qualitative Disclosures About Market Risk 61 Item 4 Controls and Procedures 61 PART II OTHER INFORMATION 62 Item 1 Legal Proceedings 62 Item 1A Risk Factors 62 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3 Defaults Upon Senior Securities 62 Item 4 Mine Safety Disclosures 62 Item 5 Other Information 62 Item 6 Exhibits 63 Signatures 64 EXHIBIT 3(a) EXHIBIT 3(b) EXHIBIT 31(a) EXHIBIT 31(b) EXHIBIT 32 EXHIBIT 101.INS XBRL Instance Document EXHIBIT 101.SCH XBRL Taxonomy Extension Schema EXHIBIT 101.CAL XBRL Taxonomy Extension Calculation Linkbase EXHIBIT 101.DEF XBRL Taxonomy Extension Definition Linkbase EXHIBIT 101.LAB XBRL Taxonomy Extension Label Linkbase EXHIBIT 101.PRE XBRL Taxonomy Extension Presentation Linkbase 2

4 Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words "may," "will," "expect," "believe," "anticipate," "project," "plan," "intend," "estimate," and "continue," and their opposites and similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control that may influence the accuracy of the statements and the projections upon which the statements are based. Factors which may affect our results include, but are not limited to, the risks and uncertainties discussed in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014 under Factors That May Affect Future Results and Financial Condition. Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove to be accurate. Our actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise. 3

5 PART I. FINANCIAL INFORMATION Item 1. Financial Statements. Condensed Consolidated Balance Sheets KINGSTONE COMPANIES, INC. AND SUBSIDIARIES September 30, December 31, (unaudited) Assets Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,273,419 at September 30, 2015 and $5,395,054 at December 31, 2014) $ 5,137,198 $ 5,128,735 Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $61,211,677 at September 30, 2015 and $50,083,441 at December 31, 2014) 62,095,309 51,120,859 Equity securities, available-for-sale, at fair value (cost of $9,536,987 at September 30, 2015 and $7,621,309 at December 31, 2014) 9,493,292 8,017,729 Total investments 76,725,799 64,267,323 Cash and cash equivalents 6,731,629 9,906,878 Premiums receivable, net of provision for uncollectible amounts 10,832,446 8,946,899 Receivables - reinsurance contracts 2,285,356 1,301,549 Reinsurance receivables, net of provision for uncollectible amounts 31,171,559 35,575,276 Deferred policy acquisition costs 10,456,707 8,985,981 Intangible assets, net 1,876,744 2,233,530 Property and equipment, net of accumulated depreciation 3,222,004 2,448,042 Other assets 1,341,376 1,330,944 Total assets $ 144,643,620 $ 134,996,422 Liabilities Loss and loss adjustment expense reserves $ 38,899,492 $ 39,912,683 Unearned premiums 47,441,330 40,458,041 Advance premiums 1,555,786 1,006,582 Reinsurance balances payable 1,342,213 2,096,363 Deferred ceding commission revenue 6,069,907 5,956,540 Accounts payable, accrued expenses and other liabilities 4,334,065 3,928,137 Income taxes payable 322,256 - Deferred income taxes 655,461 1,137,180 Total liabilities 100,620,510 94,495,526 Commitments and Contingencies Stockholders' Equity Preferred stock, $.01 par value; authorized 2,500,000 shares - - Common stock, $.01 par value; authorized 20,000,000 shares; issued 8,287,898 shares at September 30, 2015 and 8,235,095 shares at December 31, 2014; outstanding 7,335,110 shares at September 30, 2015 and 7,308,757 shares at December 31, ,879 82,351 Capital in excess of par 32,982,715 32,873,383 Accumulated other comprehensive income 554, ,332 Retained earnings 12,211,392 8,203,003 45,831,343 42,105,069 Treasury stock, at cost, 952,788 shares at September 30, 2015 and 926,338 shares at December 31, 2014 (1,808,233) (1,604,173) Total stockholders' equity 44,023,110 40,500,896 Total liabilities and stockholders' equity $ 144,643,620 $ 134,996,422 See accompanying notes to condensed consolidated financial statements. 4

6 KINGSTONE COMPANIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) For the Three Months Ended For the Nine Months Ended September 30, September 30, Revenues Net premiums earned $ 13,129,604 $ 9,895,000 $ 34,381,118 $ 22,250,684 Ceding commission revenue 2,643,531 3,278,319 9,388,457 10,365,651 Net investment income 649, ,513 1,850,069 1,294,216 Net realized (losses) gains on sales of investments (40,487) 115,176 (105,718) 438,126 Other income 275, ,726 1,299, ,191 Total revenues 16,657,369 14,015,734 46,813,437 35,090,868 Expenses Loss and loss adjustment expenses 5,050,194 4,538,167 16,884,224 11,871,060 Commission expense 4,021,383 3,106,064 11,033,874 8,592,364 Other underwriting expenses 3,389,024 2,845,708 9,349,842 7,656,532 Other operating expenses 468, ,959 1,174,693 1,074,373 Depreciation and amortization 267, , , ,943 Total expenses 13,196,377 11,224,786 39,192,291 29,836,272 Income from operations before taxes 3,460,992 2,790,948 7,621,146 5,254,596 Income tax expense 1,115, ,267 2,513,811 1,689,280 Net income 2,345,654 1,883,681 5,107,335 3,565,316 Other comprehensive income (loss), net of tax Gross change in unrealized gains (losses) on available-for-sale-securities (92,097) (410,446) (699,619) 1,329,219 Reclassification adjustment for gains included in net income 40,487 (115,176) 105,718 (438,126) Net change in unrealized gains (losses) (51,610) (525,622) (593,901) 891,093 Income tax benefit (expense) related to items of other comprehensive income (loss) 17, , ,926 (302,972) Other comprehensive income (loss), net of tax (34,063) (346,911) (391,975) 588,121 Comprehensive income $ 2,311,591 $ 1,536,770 $ 4,715,360 $ 4,153,437 Earnings per common share: Basic $ 0.32 $ 0.26 $ 0.70 $ 0.49 Diluted $ 0.32 $ 0.26 $ 0.69 $ 0.48 Weighted average common shares outstanding Basic 7,334,269 7,294,913 7,330,178 7,283,244 Diluted 7,381,626 7,378,097 7,367,714 7,360,294 Dividends declared and paid per common share $ 0.05 $ 0.05 $ 0.15 $ 0.13 See accompanying notes to condensed consolidated financial statements. 5

7 KINGSTONE COMPANIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Stockholders' Equity (Unaudited) Nine months ended September 30, 2015 Accumulated Capital Other Preferred Stock Common Stock in Excess Comprehensive Retained Treasury Stock Shares Amount Shares Amount of Par Income Earnings Shares Amount Total Balance, January 1, $ - 8,235,095 $ 82,351 $ 32,873,383 $ 946,332 $ 8,203, ,338 $ (1,604,173) $ 40,500,896 Stock-based compensation , ,546 Shares deducted from exercise of stock options for payment of withholding taxes - - (30,755) (308) (243,354) (243,662) Excess tax benefit from exercise of stock options , ,976 Exercise of stock options , (836) Acquisition of treasury stock ,450 (204,060) (204,060) Dividends (1,098,946) - - (1,098,946) Net income ,107, ,107,335 Change in unrealized gains on availablefor-sale securities, net of tax (391,975) (391,975) Balance, September 30, $ - 8,287,898 $ 82,879 $ 32,982,715 $ 554,357 $ 12,211, ,788 $ (1,808,233) $ 44,023,110 See accompanying notes to condensed consolidated financial statements. 6

8 Condensed Consolidated Statements of Cash Flows (Unaudited) KINGSTONE COMPANIES, INC. AND SUBSIDIARIES Nine months ended September 30, Cash flows provided by operating activities : Net income $ 5,107,335 $ 3,565,316 Adjustments to reconcile net income to net cash flows provided by operating activities: Net realized (losses) gains on sale of investments 105,718 (438,126) Depreciation and amortization 749, ,943 Amortization of bond premium, net 257, ,107 Stock-based compensation 129, ,582 Excess tax benefit from exercise of stock options (223,976) (74,471) Deferred income tax expense (279,793) 107,433 (Increase) decrease in operating assets: Premiums receivable, net (1,885,547) (1,734,722) Receivables - reinsurance contracts (983,807) (776,000) Reinsurance receivables, net 4,403,717 2,236,751 Deferred policy acquisition costs (1,470,726) (1,783,842) Other assets (16,634) (198,361) Increase (decrease) in operating liabilities: Loss and loss adjustment expense reserves (1,013,191) 2,419,060 Unearned premiums 6,983,289 7,317,198 Advance premiums 549, ,030 Reinsurance balances payable (754,150) (509,180) Deferred ceding commission revenue 113,367 (1,295,193) Accounts payable, accrued expenses and other liabilities 952,160 24,809 Net cash flows provided by operating activities 12,724,166 10,313,334 Cash flows used in investing activities : Purchase - fixed-maturity securities held-to-maturity - (2,715,540) Purchase - fixed-maturity securities available-for-sale (13,187,405) (24,041,145) Purchase - equity securities available-for-sale (3,552,291) (7,453,247) Sale or maturity - fixed-maturity securities available-for-sale 1,680,633 5,092,195 Sale - equity securities available-for-sale 1,642,971 5,537,511 Acquisition of fixed assets (1,166,834) (722,053) Recovery of loss from failed bank - 51,587 Other investing activities 6,203 22,519 Net cash flows used in investing activitie s (14,576,723) (24,228,173) Cash flows used in financing activities: Proceeds from exercise of stock options - 5,876 Withholding taxes paid on net exercise of stock options (243,662) (66,095) Excess tax benefit from exercise of stock options 223,976 74,471 Purchase of treasury stock (204,060) (46,728) Dividends paid (1,098,946) (947,186) Net cash flows used in financing activitie s (1,322,692) (979,662) Decrease in cash and cash equivalents $ (3,175,249) $ (14,894,501) Cash and cash equivalents, beginning of period 9,906,878 19,922,506 Cash and cash equivalents, end of period $ 6,731,629 $ 5,028,005 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 1,457,000 $ 1,712,400 Supplemental schedule of non-cash investing and financing activities: Value of shares deducted from exercise of stock options for payment of withholding taxes $ 243,662 $ 66,095 See accompanying notes to condensed consolidated financial statements. 7

9 KINGSTONE COMPANIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Nature of Business and Basis of Presentation Kingstone Companies, Inc. (referred to herein as "Kingstone" or the Company ), through its wholly owned subsidiary, Kingstone Insurance Company ( KICO ), underwrites property and casualty insurance to small businesses and individuals exclusively through independent agents and brokers. KICO is a licensed insurance company in the States of New York, New Jersey, Connecticut, Pennsylvania and Texas; however, KICO writes substantially all of its business in New York. Through March 31, 2015, Kingstone, through its wholly owned subsidiary, Payments Inc., a licensed premium finance company in the State of New York, received fees for placing contracts with a third party licensed premium finance company (see Note 12 Premium Finance Placement Fees). The accompanying unaudited condensed consolidated financial statements included in this report have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ) for interim financial information and the instructions to Securities and Exchange Commission ( SEC ) Form 10-Q and Article 8-03 of SEC Regulation S-X. The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2014 and notes thereto included in the Company s Annual Report on Form 10-K filed with the SEC on March 25, The accompanying condensed consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (United States) but, in the opinion of management, such financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company s financial position and results of operations. The results of operations for the nine months ended September 30, 2015 may not be indicative of the results that may be expected for the year ending December 31, Note 2 Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions, which include the reserves for losses and loss adjustment expenses, are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of several years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require considerable judgment by management. On an on-going basis, management reevaluates its assumptions and the methods of calculating its estimates. Actual results may differ significantly from the estimates and assumptions used in preparing the consolidated financial statements. 8

10 Principles of Consolidation The consolidated financial statements consist of Kingstone and its wholly owned subsidiaries. Subsidiaries include: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. ( Properties ) and 15 Joys Lane, LLC ( 15 Joys Lane ), which together own the land and building from which KICO operates, and (2) Payments Inc. All significant inter-company transactions have been eliminated in consolidation. Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No , Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU revised guidance to only allow disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity) and that have a major effect on a reporting entity s operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. The Company adopted this guidance on January 1, 2015 and it did not have any effect on the Company s consolidated results of operations, financial position or cash flows. In May 2014, FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, The Company will apply the guidance using a modified retrospective approach. The Company does not expect these amendments to have a material effect on its financial statements. In May 2015, FASB issued guidance requiring expanded disclosures for insurance entities that issue short-duration contracts. The expanded disclosures are designed to provide additional insight into an insurance entity s ability to underwrite and anticipate costs associated with insurance claims. The disclosures include information about incurred and paid claims development by accident year, on a net basis after reinsurance, for the number of years claims incurred typically remain outstanding, not to exceed ten years. Each period presented in the disclosure about claims development that precedes the current reporting period is considered required supplementary information. The expanded disclosures also include information about significant changes in methodologies and assumptions, a reconciliation of incurred and paid claims development to the carrying amount of the liability for unpaid claims and claim adjustment expenses, the total amount of incurred but not reported liabilities plus expected development, claims frequency information including the methodology used to determine claim frequency and any changes to that methodology, and claim duration. The guidance is effective for annual periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016, and is to be applied retrospectively. The new guidance affects disclosures only and will have no impact on the Company s results of operations or financial position. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations. 9

11 Note 3 - Investments Available-for-Sale Securities The amortized cost and fair value of investments in available-for-sale fixed-maturity securities and equity securities as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 Net Cost or Gross Gross Unrealized Losses Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Fixed-Maturity Securities: Political subdivisions of States, Territories and Possessions $ 13,682,943 $ 478,684 $ (37,619) $ - $ 14,124,008 $ 441,065 Corporate and other bonds Industrial and miscellaneous 43,005, ,305 (333,737) (40,438) 43,422, ,130 Residential mortgage backed securities 4,523,275 49,488 (24,051) - 4,548,712 25,437 Total fixed-maturity securities 61,211,677 1,319,477 (395,407) (40,438) 62,095, ,632 Equity Securities: Preferred stocks 2,859,267 23,934 (43,971) (14,598) 2,824,632 (34,635) Common stocks 6,677, ,774 (305,834) - 6,668,660 (9,060) Total equity securities 9,536, ,708 (349,805) (14,598) 9,493,292 (43,695) Total $ 70,748,664 $ 1,640,185 $ (745,212) $ (55,036) $ 71,588,601 $ 839,937 December 31, 2014 Net Cost or Gross Gross Unrealized Losses Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Fixed-Maturity Securities: Political subdivisions of States, Territories and Possessions $ 13,862,141 $ 412,490 $ (23,813) $ (6,379) $ 14,244,439 $ 382,298 Corporate and other bonds Industrial and miscellaneous 36,221, ,440 (118,092) (30,228) 36,876, ,120 Total fixed-maturity securities 50,083,441 1,215,930 (141,905) (36,607) 51,120,859 1,037,418 Equity Securities: Preferred stocks 3,172,632 19,180 (2,647) (62,886) 3,126,280 (46,352) Common stocks 4,448, ,950 - (2,177) 4,891, ,772 Total equity securities 7,621, ,130 (2,647) (65,063) 8,017, ,420 Total $ 57,704,750 $ 1,680,060 $ (144,552) $ (101,670) $ 59,138,588 $ 1,433,838 10

12 A summary of the amortized cost and fair value of the Company s investments in available-for-sale fixed-maturity securities by contractual maturity as of September 30, 2015 and December 31, 2014 is shown below: September 30, 2015 December 31, 2014 Amortized Amortized Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 1,003,870 $ 1,025,475 $ 482,833 $ 487,507 One to five years 13,012,835 13,408,879 11,640,381 11,943,127 Five to ten years 39,868,480 40,201,676 32,283,921 32,865,231 More than 10 years 2,803,217 2,910,567 5,676,306 5,824,994 Residential mortgage backed securities 4,523,275 4,548, Total $ 61,211,677 $ 62,095,309 $ 50,083,441 $ 51,120,859 The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties. Held-to-Maturity Securities The amortized cost and fair value of investments in held-to-maturity fixed-maturity securities as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 Net Cost or Gross Gross Unrealized Losses Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) U.S. Treasury securities $ 606,380 $ 163,096 $ - $ - $ 769,476 $ 163,096 Political subdivisions of States, Territories and Possessions 1,416,537 58,142 - (46,621) 1,428,058 11,521 Corporate and other bonds Industrial and miscellaneous 3,114,281 91,875 (2,577) (127,694) 3,075,885 (38,396) Total $ 5,137,198 $ 313,113 $ (2,577) $ (174,315) $ 5,273,419 $ 136,221 11

13 December 31, 2014 Net Cost or Gross Gross Unrealized Losses Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) U.S. Treasury securities $ 606,353 $ 183,200 $ - $ - $ 789,553 $ 183,200 Political subdivisions of States, Territories and Possessions 1,413,303 49,981 - (12,247) 1,451,037 37,734 Corporate and other bonds Industrial and miscellaneous 3,109,079 98,306 (52,921) - 3,154,464 45,385 Total $ 5,128,735 $ 331,487 $ (52,921) $ (12,247) $ 5,395,054 $ 266,319 Held-to-maturity U.S. Treasury securities are held in trust pursuant to the New York State Department of Financial Services minimum funds requirement. A summary of the amortized cost and fair value of the Company s investments in held-to-maturity securities by contractual maturity as of September 30, 2015 and December 31, 2014 is shown below: September 30, 2015 December 31, 2014 Amortized Amortized Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ - $ - $ - $ - One to five years 500, , Five to ten years 4,030,818 3,998,793 3,522,927 3,563,401 More than 10 years 606, ,476 1,605,808 1,831,653 Total $ 5,137,198 $ 5,273,419 $ 5,128,735 $ 5,395,054 Investment Income Major categories of the Company s net investment income are summarized as follows: Three months ended Nine months ended September 30, September 30, Income: Fixed-maturity securities $ 595,529 $ 433,028 $ 1,671,821 $ 1,182,083 Equity securities 125, , , ,901 Cash and cash equivalents ,672 Other Total 721, ,943 2,050,370 1,579,250 Expenses: Investment expenses 71,717 86, , ,034 Net investment income $ 649,441 $ 463,513 $ 1,850,069 $ 1,294,216 Proceeds from the sale and maturity of fixed-maturity securities were $1,680,633 and $5,092,195 for the nine months ended September 30, 2015 and 2014, respectively. 12

14 Proceeds from the sale of equity securities were $1,642,971 and $5,537,511 for the nine months ended September 30, 2015 and 2014, respectively. The Company s net realized gains (losses) on investments are summarized as follows: Three months ended Nine months ended September 30, September 30, Fixed-maturity securities: Gross realized gains $ 20 $ 25,870 $ 20 $ 183,349 Gross realized losses (25,886) (20,436) (112,097) (48,729) (25,866) 5,434 (112,077) 134,620 Equity securities: Gross realized gains 12,549 77,535 48, ,786 Gross realized losses (27,170) (19,380) (42,611) (42,867) (14,621) 58,155 6, ,919 Cash and short term investments (1) - 51,587-51,587 Net realized gains (losses) $ (40,487) $ 115,176 $ (105,718) $ 438,126 Impairment Review Impairment of investment securities results in a charge to operations when a market decline to below cost is deemed to be other-than-temporary. The Company regularly reviews its fixed-maturity securities and equity securities portfolios to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of investments. In evaluating potential impairment, GAAP specifies (i) if the Company does not have the intent to sell a debt security prior to recovery and (ii) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When the Company does not intend to sell the security and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment ( OTTI ) of a debt security in earnings and the remaining portion in other comprehensive income. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections. For held-to-maturity debt securities, the amount of OTTI recorded in other comprehensive income for the noncredit portion of a previous OTTI is amortized prospectively over the remaining life of the security on the basis of timing of future estimated cash flows of the security. OTTI losses are recorded in the condensed consolidated statements of income and comprehensive income as net realized losses on investments and result in a permanent reduction of the cost basis of the underlying investment. The determination of OTTI is a subjective process and different judgments and assumptions could affect the timing of loss realization. At September 30, 2015, there were 47 securities that accounted for the gross unrealized loss. The Company determined that none of the unrealized losses were deemed to be OTTI for its portfolio of fixed-maturity securities and equity securities for the nine months ended September 30, 2015 and Significant factors influencing the Company s determination that unrealized losses were temporary included the magnitude of the unrealized losses in relation to each security s cost, the nature of the investment and management s intent and ability to retain the investment for a period of time sufficient to allow for an anticipated recovery of fair value to the Company s cost basis. 13

15 The Company held securities with unrealized losses representing declines that were considered temporary at September 30, 2015 and December 31, 2014 as follows: September 30, 2015 Less than 12 months 12 months or more Total No. of No. of Aggregate Fair Unrealized Positions Fair Unrealized Positions Fair Unrealized Category Value Losses Held Value Losses Held Value Losses Fixed-Maturity Securities: Political subdivisions of States, Territories and Possessions $ 852,736 $ (37,619) 3 $ - $ - - $ 852,736 $ (37,619) Corporate and other bonds industrial and miscellaneous 8,963,637 (333,737) ,035 (40,438) 1 9,413,672 (374,175) Residential mortgage backed securities 1,132,899 (24,051) ,132,899 (24,051) Total fixed-maturity securities $ 10,949,272 $ (395,407) 25 $ 450,035 $ (40,438) 1 $ 11,399,307 $ (435,845) Equity Securities: Preferred stocks $ 727,065 $ (43,971) 2 $ 697,517 $ (14,598) 3 $ 1,424,582 $ (58,569) Common stocks 3,553,900 (305,834) ,553,900 (305,834) Total equity securities $ 4,280,965 $ (349,805) 18 $ 697,517 $ (14,598) 3 $ 4,978,482 $ (364,403) Total $ 15,230,237 $ (745,212) 43 $ 1,147,552 $ (55,036) 4 $ 16,377,789 $ (800,248) 14

16 December 31, 2014 Less than 12 months 12 months or more Total No. of No. of Aggregate Fair Unrealized Positions Fair Unrealized Positions Fair Unrealized Category Value Losses Held Value Losses Held Value Losses Fixed-Maturity Securities: Political subdivisions of States, Territories and Possessions $ 3,013,648 $ (23,813) 9 $ 126,658 $ (6,379) 1 $ 3,140,306 $ (30,192) Corporate and other bonds industrial and miscellaneous 6,325,579 (118,092) ,640 (30,228) 2 7,040,219 (148,320) Total fixed-maturity securities $ 9,339,227 $ (141,905) 24 $ 841,298 $ (36,607) 3 $ 10,180,525 $ (178,512) Equity Securities: Preferred stocks $ 656,325 $ (2,647) 1 $ 1,448,376 $ (62,886) 6 $ 2,104,701 $ (65,533) Common stocks ,000 (2,177) 1 267,000 (2,177) Total equity securities $ 656,325 $ (2,647) 1 $ 1,715,376 $ (65,063) 7 $ 2,371,701 $ (67,710) Total $ 9,995,552 $ (144,552) 25 $ 2,556,674 $ (101,670) 10 $ 12,552,226 $ (246,222) 15

17 Note 4 - Fair Value Measurements The Company follows GAAP guidance regarding fair value measurements. The valuation technique used to fair value the financial instruments is the market approach which uses prices and other relevant information generated by market transactions involving identical or comparable assets. This guidance establishes a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded, including during period of market disruption, and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy and those investments included in each are as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Included are those investments traded on an active exchange, such as the NASDAQ Global Select Market, U.S. Treasury securities and obligations of U.S. government agencies, together with corporate debt securities that are generally investment grade. Level 2 Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Municipal and corporate bonds, and residential mortgage-backed securities, that are traded in less active markets are classified as Level 2. These securities are valued using market price quotations for recently executed transactions. Level 3 Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. Material assumptions and factors considered in pricing investment securities and other assets may include appraisals, projected cash flows, market clearing activity or liquidity circumstances in the security or similar securities that may have occurred since the prior pricing period. The availability of observable inputs varies and is affected by a wide variety of factors. When the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. The degree of judgment exercised by management in determining fair value is greatest for investments categorized as Level 3. For investments in this category, the Company considers prices and inputs that are current as of the measurement date. In periods of market dislocation, as characterized by current market conditions, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause a security to be reclassified between levels. 16

18 The Company s investments are allocated among pricing input levels at September 30, 2015 and December 31, 2014 as follows: September 30, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed-maturity securities available-for-sale Political subdivisions of States, Territories and Possessions $ - $ 14,124,008 $ - $ 14,124,008 Corporate and other bonds industrial and miscellaneous 35,363,872 8,058,717-43,422,589 Residential mortgage backed securities - 4,548,712-4,548,712 Total fixed maturities 35,363,872 26,731,437-62,095,309 Equity securities 9,493, ,493,292 Total investments $ 44,857,164 $ 26,731,437 $ - $ 71,588,601 December 31, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed-maturity investments available-for-sale Political subdivisions of States, Territories and Possessions $ - $ 14,244,439 $ - $ 14,244,439 Corporate and other bonds industrial and miscellaneous 29,257,850 7,618,570-36,876,420 Total fixed maturities 29,257,850 21,863,009-51,120,859 Equity investments 8,017, ,017,729 Total investments $ 37,275,579 $ 21,863,009 $ - $ 59,138,588 Note 5 - Fair Value of Financial Instruments GAAP requires all entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The Company uses the following methods and assumptions in estimating its fair value disclosures for financial instruments: Equity securities and fixed income securities available-for-sale: Fair value disclosures for these investments are included in Note 3 - Investments. Cash and cash equivalents: The carrying values of cash and cash equivalents approximate their fair values because of the short-term nature of these instruments. Premiums receivable and reinsurance receivables: The carrying values reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to the short-term nature of the assets. 17

19 Real estate: The fair value of the land and building included in property and equipment, which is used in the Company s operations, approximates the carrying value. The fair value was based on an appraisal dated September 8, 2015 prepared using the sales comparison approach and income approach, and accordingly the real estate is a Level 3 asset under the fair value hierarchy. Reinsurance balances payable: The carrying value reported in the condensed consolidated balance sheets for these financial instruments approximates fair value. The estimated fair values of the Company s financial instruments as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Fixed-maturity securities held-to-maturity $ 5,137,198 $ 5,273,419 $ 5,128,735 $ 5,395,054 Cash and cash equivalents 6,731,629 6,731,629 9,906,878 9,906,878 Premiums receivable 10,832,446 10,832,446 8,946,899 8,946,899 Receivables - reinsurance contracts 2,285,356 2,285,356 1,301,549 1,301,549 Reinsurance receivables 31,171,559 31,171,559 35,575,276 35,575,276 Real estate, net of accumulated depreciation 1,723,759 1,925,000 1,762,345 1,816,122 Reinsurance balances payable 1,342,213 1,342,213 2,096,363 2,096,363 Note 6 Property and Casualty Insurance Activity Premiums Earned Premiums written, ceded and earned are as follows: Direct Assumed Ceded Net Nine months ended September 30, 2015 Premiums written $ 67,225,990 $ 34,815 $ (21,913,608) $ 45,347,197 Change in unearned premiums (6,984,651) 1,362 (3,982,790) (10,966,079) Premiums earned $ 60,241,339 $ 36,177 $ (25,896,398) $ 34,381,118 Nine months ended September 30, 2014 Premiums written $ 56,729,057 $ 39,263 $ (24,013,732) $ 32,754,588 Change in unearned premiums (7,311,116) (6,082) (3,186,706) (10,503,904) Premiums earned $ 49,417,941 $ 33,181 $ (27,200,438) $ 22,250,684 Three months ended September 30, 2015 Premiums written $ 24,570,496 $ 12,945 $ (3,245,871) $ 21,337,570 Change in unearned premiums (3,330,333) (1,015) (4,876,618) (8,207,966) Premiums earned $ 21,240,163 $ 11,930 $ (8,122,489) $ 13,129,604 Three months ended September 30, 2014 Premiums written $ 20,131,112 $ 22,961 $ (2,485,929) $ 17,668,144 Change in unearned premiums (2,438,306) (12,433) (5,322,405) (7,773,144) Premiums earned $ 17,692,806 $ 10,528 $ (7,808,334) $ 9,895,000 18

20 Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as o September 30, 2015 and December 31, 2014 was approximately $1,556,000 and $1,007,000, respectively. Loss and Loss Adjustment Expense Reserves The following table provides a reconciliation of the beginning and ending balances for unpaid losses and loss adjustment expense ( LAE ) reserves: Nine months ended September 30, Balance at beginning of period $ 39,912,683 $ 34,503,229 Less reinsurance recoverables (18,249,526) (17,363,975) Net balance, beginning of period 21,663,157 17,139,254 Incurred related to: Current year 17,353,585 11,043,919 Prior years (469,361) 827,141 Total incurred 16,884,224 11,871,060 Paid related to: Current year 9,083,229 4,725,526 Prior years 6,843,425 4,834,120 Total paid 15,926,654 9,559,646 Net balance at end of period 22,620,727 19,450,668 Add reinsurance recoverables 16,278,765 17,471,621 Balance at end of period $ 38,899,492 $ 36,922,289 Incurred losses and LAE are net of reinsurance recoveries under reinsurance contracts of $11,026,027 and $11,881,366 for the nine months ended September 30, 2015 and 2014, respectively. Prior year incurred loss and LAE development is based upon estimates by line of business and accident year. Prior year loss and LAE development incurred during the nine months ended September 30, 2015 and 2014 was $(469,361) and $827,141, respectively. The Company s management continually monitors claims activity to assess the appropriateness of carried case and incurred but not reported ( IBNR ) reserves, giving consideration to Company and industry trends. The reserving process for loss and LAE reserves provides for the Company s best estimate at a particular point in time of the ultimate unpaid cost of all losses and LAE incurred, including settlement and administration of losses, and is based on facts and circumstances then known and including losses that have been incurred but not yet been reported. The process includes using actuarial methodologies to assist in establishing these estimates, judgments relative to estimates of future claims severity and frequency, the length of time before losses will develop to their ultimate level and the possible changes in the law and other external factors that are often beyond the Company s control. Several actuarial reserving methodologies are used to estimate required loss reserves. The process produces carried reserves set by management based upon the actuaries best estimate and is the result of numerous best estimates made by line of business, accident year, and loss and LAE. The amount of loss and LAE reserves for reported claims ( case reserve ) is based primarily upon a case-by-case evaluation of coverage, liability, injury severity, and any other information considered pertinent to estimating the exposure presented by the claim. The amounts of loss and LAE reserves for unreported claims and development on known claims (IBNR reserves) are determined using historical information by line of insurance as adjusted to current conditions. Since this process produces loss reserves set by management based upon the actuaries best estimate, there is no explicit or implicit provision for uncertainty in the carried loss reserves. 19

21 Due to the inherent uncertainty associated with the reserving process, the ultimate liability may differ, perhaps substantially, from the original estimate. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current year s results. Reserves are closely monitored and are recomputed periodically using the most recent information on reported claims and a variety of statistical techniques. On at least a quarterly basis, the Company reviews by line of business existing reserves, new claims, changes to existing case reserves and paid losses with respect to the current and prior years. Several methods are used, varying by product line and accident year, in order to select the estimated year-end loss reserves. These methods include the following: Paid Loss Development historical patterns of paid loss development are used to project future paid loss emergence in order to estimate required reserves. Incurred Loss Development historical patterns of incurred loss development, reflecting both paid losses and changes in case reserves, are used to project future incurred loss emergence in order to estimate required reserves. Paid Bornhuetter-Ferguson ( BF ) an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been paid, based on historical paid loss development patterns. The estimate of required reserves assumes that the remaining unpaid portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of paid losses exists at the early stages of the claims development process. Incurred Bornhuetter-Ferguson ( BF ) - an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been reported, based on historical incurred loss development patterns. The estimate of required reserves assumes that the remaining unreported portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of reported losses exists at the early stages of the claims development process. Management s best estimate of required reserves is generally based on an average of the methods above, with appropriate weighting of the various methods based on the line of business and accident year being projected. In some cases, additional methods or historical data from industry sources are employed to supplement the projections derived from the methods listed above. Two key assumptions that materially affect the estimate of loss reserves are the loss ratio estimate for the current accident year used in the BF methods described above, and the loss development factor selections used in the loss development methods described above. The loss ratio estimates used in the BF methods are selected after reviewing historical accident year loss ratios adjusted for rate changes, trend, and mix of business. The Company is not aware of any claims trends that have emerged or that would cause future adverse development that have not already been considered in existing case reserves and in its current loss development factors. 20

22 In New York State, lawsuits for negligence are subject to certain limitations and must be commenced within three years from the date of the accident or are otherwise barred. Accordingly, the Company s exposure to unreported claims ( pure IBNR) for accident dates of September 30, 2012 and prior is limited although there remains the possibility of adverse development on reported claims ( case development IBNR). The Company was previously a one-third participant in a pool arrangement. Effective November 1, 1997, the Company withdrew from its participation in the pool arrangement. Accordingly, the Company will only be participating in losses and allocated loss adjustment expenses that occurred prior to that date. Commercial Auto Line of Business Effective October 1, 2014 the Company decided that it would no longer accept applications for new commercial auto policies. The action was taken following a series of underwriting and pricing measures which were intended to improve the profitability of this line of business. The actions taken did not yield the hoped for results. In February 2015, the Company made the decision that it would no longer offer renewals on its existing commercial auto policies beginning with those that expire on or after May 1, The Company had 238 and 730 commercial auto policies in force as of September 30, 2015 and December 31, 2014, respectively. Reinsurance The Company s quota share reinsurance treaties are on a July 1 through June 30 calendar year basis; therefore, for year to date fiscal periods after June 30, two separate treaties will be included in such periods. The Company s quota share reinsurance treaty in effect for the nine months ended September 30, 2015 for its personal lines business, which primarily consists of homeowners policies, was covered under the July 1, 2014/June 30, 2015 and July 1, 2015/June 30, 2016 treaty years. The Company s quota share reinsurance treaties in effect for the nine months ended September 30, 2014 for its personal lines business, which primarily consists of homeowners policies, were covered under the July 1, 2013/June 30, 2014 and July 1, 2014/June 30, 2015 treaty years. The Company s quota share reinsurance treaty in effect for the nine months ended September 30, 2014 for its commercial lines business was covered under the July 1, 2013/June 30, 2014 treaty year. The Company did not renew its expiring commercial lines quota share reinsurance treaty on July 1, The Company s personal lines quota share treaty that covered the July 1, 2013/June 30, 2014 treaty year was a two year treaty that expired on June 30, Effective July 1, 2014, the Company had the option to increase the quota share percentage from 75% to a maximum of 85% or decrease the quota share percentage from 75% to a minimum of 55% by giving no less than 30 days advance notice. On May 12, 2014, the Company notified the personal lines reinsurers of its election to reduce the ceding percentage in the personal lines quota share treaty from 75% to 55% effective July 1, 2014.The Company entered into new annual treaties with different terms effective July 1, The Company s treaties for the July 1, 2013/ June 30, 2014, July 1, 2014/June 30, 2015 and July 1, 2015/June 30, 2016 treaty years provide for the following material terms: 21

PROTECTIVE LIFE INSURANCE CO 10-Q. Quarterly report pursuant to sections 13 or 15(d) Filed on 11/14/2011 Filed Period 09/30/2011

PROTECTIVE LIFE INSURANCE CO 10-Q. Quarterly report pursuant to sections 13 or 15(d) Filed on 11/14/2011 Filed Period 09/30/2011 PROTECTIVE LIFE INSURANCE CO 10-Q Quarterly report pursuant to sections 13 or 15(d) Filed on 11/14/2011 Filed Period 09/30/2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

AMERISAFE INC FORM 10-Q. (Quarterly Report) Filed 11/06/12 for the Period Ending 09/30/12

AMERISAFE INC FORM 10-Q. (Quarterly Report) Filed 11/06/12 for the Period Ending 09/30/12 AMERISAFE INC FORM 10-Q (Quarterly Report) Filed 11/06/12 for the Period Ending 09/30/12 Address 2301 HIGHWAY 190 WEST DERIDDER, LA 70634 Telephone 337-463-9052 CIK 0001018979 Symbol AMSF SIC Code 6331

More information

TIGER X MEDICAL, INC.

TIGER X MEDICAL, INC. TIGER X MEDICAL, INC. FORM 10-Q (Quarterly Report) Filed 05/03/16 for the Period Ending 03/31/16 Address 10900 WILSHIRE BOULEVARD, SUITE #1500 LOS ANGELES, CA 90024 Telephone (310) 987-7345 CIK 0000925741

More information

ODYSSEY RE HOLDINGS CORP. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010

ODYSSEY RE HOLDINGS CORP. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010 ODYSSEY RE HOLDINGS CORP 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010 (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended

More information

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June

More information

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED

More information

ADOBE SYSTEMS INCORPORATED (Exact name of registrant as specified in its charter)

ADOBE SYSTEMS INCORPORATED (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

HSBC FINANCE CORPORATION

HSBC FINANCE CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

CLOUD SECURITY CORP.

CLOUD SECURITY CORP. SECURITIES & EXCHANGE COMMISSION EDGAR FILING CLOUD SECURITY CORP. Form: 10-Q Date Filed: 2015-10-09 Corporate Issuer CIK: 1516079 Copyright 2015, Issuer Direct Corporation. All Right Reserved. Distribution

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements December 31,2014 and 2013 Table of Contents December 31, 2014 and 2013 Page Independent Auditors' Report 1 Consolidated

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 2 Consolidated Statement

More information

XL GROUP LTD FORM 10-Q. (Quarterly Report) Filed 08/07/14 for the Period Ending 06/30/14

XL GROUP LTD FORM 10-Q. (Quarterly Report) Filed 08/07/14 for the Period Ending 06/30/14 XL GROUP LTD FORM 10-Q (Quarterly Report) Filed 08/07/14 for the Period Ending 06/30/14 Telephone 353-1-400-5500 CIK 0000875159 Symbol XL SIC Code 6331 - Fire, Marine, and Casualty Insurance Industry Insurance

More information

YAHOO INC FORM 10-Q. (Quarterly Report) Filed 08/07/15 for the Period Ending 06/30/15

YAHOO INC FORM 10-Q. (Quarterly Report) Filed 08/07/15 for the Period Ending 06/30/15 YAHOO INC FORM 10-Q (Quarterly Report) Filed 08/07/15 for the Period Ending 06/30/15 Address YAHOO! INC. 701 FIRST AVENUE SUNNYVALE, CA 94089 Telephone 4083493300 CIK 0001011006 Symbol YHOO SIC Code 7373

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2012 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

More information

ADOBE SYSTEMS INCORPORATED (Exact name of registrant as specified in its charter)

ADOBE SYSTEMS INCORPORATED (Exact name of registrant as specified in its charter) (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

AMERISAFE INC FORM 10-Q. (Quarterly Report) Filed 11/04/13 for the Period Ending 09/30/13

AMERISAFE INC FORM 10-Q. (Quarterly Report) Filed 11/04/13 for the Period Ending 09/30/13 AMERISAFE INC FORM 10-Q (Quarterly Report) Filed 11/04/13 for the Period Ending 09/30/13 Address 2301 HIGHWAY 190 WEST DERIDDER, LA 70634 Telephone 337-463-9052 CIK 0001018979 Symbol AMSF SIC Code 6331

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JUNE 30,

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

AAA PUBLIC ADJUSTING GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

AAA PUBLIC ADJUSTING GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

SunGard Capital Corp. SunGard Capital Corp. II SunGard Data Systems Inc.

SunGard Capital Corp. SunGard Capital Corp. II SunGard Data Systems Inc. United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period

More information

UNITED COMMUNITY BANKS, INC. (Exact name of registrant as specified in its charter)

UNITED COMMUNITY BANKS, INC. (Exact name of registrant as specified in its charter) [X] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q 0Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

Lawson Software, Inc. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 10/8/2009 Filed Period 8/31/2009

Lawson Software, Inc. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 10/8/2009 Filed Period 8/31/2009 Lawson Software, Inc. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 10/8/2009 Filed Period 8/31/2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10 Q

More information

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2 INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements

More information

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June

More information

FEDERAL DEPOSIT INSURANCE CORPORATION FORM 10-Q

FEDERAL DEPOSIT INSURANCE CORPORATION FORM 10-Q FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2016

More information

GAINSCO, INC. (Exact name of registrant as specified in its charter)

GAINSCO, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended September 30, 2010

More information

LendingClub Corporation (Exact name of registrant as specified in its charter)

LendingClub Corporation (Exact name of registrant as specified in its charter) LC 10-Q 3/31/2016 Section 1: 10-Q (10-Q) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

More information

EQUINIX, INC. (Exact name of registrant as specified in its charter)

EQUINIX, INC. (Exact name of registrant as specified in its charter) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly

More information

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE Statutory Basis Financial Statements and Supplementary Information Years Ended December 31, 2010 and 2009 with Independent

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED

More information

Property and equipment, net 1,043 167 Goodwill, net 59,169 - Other intangibles, net 3,005 - Other assets 892 744

Property and equipment, net 1,043 167 Goodwill, net 59,169 - Other intangibles, net 3,005 - Other assets 892 744 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------------- FORM 10-QSB Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly

More information

SILVER SPRING NETWORKS INC

SILVER SPRING NETWORKS INC SILVER SPRING NETWORKS INC FORM 10-Q (Quarterly Report) Filed 11/05/15 for the Period Ending 09/30/15 Address 555 BROADWAY ST. REDWOOD CITY, CA 94063 Telephone 650-298-4200 CIK 0001180079 Symbol SSNI SIC

More information

United Bankshares, Inc.

United Bankshares, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Form 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Form 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

GAINSCO, INC. (Exact name of registrant as specified in its charter)

GAINSCO, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended September 30, 2008

More information

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and

More information

American International Group, Inc.

American International Group, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

QUARTERLY REPORT TO INVESTORS AS OF AND FOR THE

QUARTERLY REPORT TO INVESTORS AS OF AND FOR THE QUARTERLY REPORT TO INVESTORS AS OF AND FOR THE QUARTERLY REPORT SIX MONTHS TO INVESTORS ENDED AS JUNE OF QUARTERLY AND 30, FOR 2010 THE REPORT THREE MONTHS TO INVESTORS ENDED AS MARCH OF AND 31, FOR 2013

More information

CISCO SYSTEMS, INC. FORM 10-Q. (Quarterly Report) Filed 02/18/15 for the Period Ending 01/24/15

CISCO SYSTEMS, INC. FORM 10-Q. (Quarterly Report) Filed 02/18/15 for the Period Ending 01/24/15 CISCO SYSTEMS, INC. FORM 10-Q (Quarterly Report) Filed 02/18/15 for the Period Ending 01/24/15 Address 170 WEST TASMAN DR SAN JOSE, CA 95134-1706 Telephone 4085264000 CIK 0000858877 Symbol CSCO SIC Code

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C. 20549 FORM 10-Q. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C. 20549 FORM 10-Q. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended:

More information

SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT. Date of Report (Date of earliest event reported): May 5, 2016

SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT. Date of Report (Date of earliest event reported): May 5, 2016 IPCC 8-K 5/5/2016 Section 1: 8-K (8-K) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report

More information

CHAPTER 18 ASC TOPIC 320: INVESTMENTS DEBT AND EQUITY SECURITIES

CHAPTER 18 ASC TOPIC 320: INVESTMENTS DEBT AND EQUITY SECURITIES CCH brings you... CHAPTER 18 ASC TOPIC 320: INVESTMENTS DEBT AND EQUITY SECURITIES from the Special Edition GAAP Financial Statement Disclosures Manual Visit CCHGroup.com/AASolutions for an overview of

More information

Unaudited Consolidated Statements of Financial Condition March 31, 2016 and September 30, 2015 2

Unaudited Consolidated Statements of Financial Condition March 31, 2016 and September 30, 2015 2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS Statements of Financial Position - December 31, 2010 and 2009 B-1 Statements of Operations and Comprehensive Income Years ended

More information

GENWORTH MI CANADA INC.

GENWORTH MI CANADA INC. Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial

More information

QUARTERLY REPORT TO INVESTORS AS OF AND FOR THE

QUARTERLY REPORT TO INVESTORS AS OF AND FOR THE QUARTERLY REPORT TO INVESTORS AS OF AND FOR THE QUARTERLY REPORT SIX MONTHS TO INVESTORS ENDED AS JUNE OF QUARTERLY AND 30, FOR 2010 THE REPORT SIX MONTHS TO INVESTORS ENDED AS OF JUNE AND 30, FOR 2013

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30,

More information

FIRST PRIORITY TAX SOLUTIONS INC.

FIRST PRIORITY TAX SOLUTIONS INC. FIRST PRIORITY TAX SOLUTIONS INC. FORM 10-Q (Quarterly Report) Filed 05/20/15 for the Period Ending 03/31/15 Address 137 N. MAIN STREET SUITE 200A DAYTON, OH 45402 Telephone 859-268-6264 CIK 0001622408

More information

U. S. Securities and Exchange Commission Washington, D. C. 20549 FORM 10-QSB

U. S. Securities and Exchange Commission Washington, D. C. 20549 FORM 10-QSB U. S. Securities and Exchange Commission Washington, D. C. 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September

More information

American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements December 31, 2014 and 2013

American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements December 31, 2014 and 2013 American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements Index Page(s) Independent Auditor s Report... 1 2 Consolidated Financial Statements Statements

More information

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q [X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended

More information

FORM 10-Q. Stericycle, Inc. (Exact name of registrant as specified in its charter)

FORM 10-Q. Stericycle, Inc. (Exact name of registrant as specified in its charter) SRCL 10-Q 9/30/2015 Section 1: 10-Q (10-Q) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

More information

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following narrative is Management s discussion and analysis of the foremost factors that influenced 1 st Franklin

More information

TIAA-CREF LIFE INSURANCE COMPANY

TIAA-CREF LIFE INSURANCE COMPANY Audited Statutory Basis Financial Statements as of December 31, 2015 and 2014 and for the three years ended December 31, 2015 INDEX TO STATUTORY - BASIS FINANCIAL STATEMENTS Page Independent Auditor s

More information

PROSPECTUS SUPPLEMENT NO. 2 (To prospectus dated April 22, 2011) WESTMORELAND COAL COMPANY. 3,766,715 Shares of Common Stock, $2.

PROSPECTUS SUPPLEMENT NO. 2 (To prospectus dated April 22, 2011) WESTMORELAND COAL COMPANY. 3,766,715 Shares of Common Stock, $2. Filed pursuant to Rule 424(b)(3) Registration No. 333-158577 PROSPECTUS SUPPLEMENT NO. 2 (To prospectus dated April 22, 2011) WESTMORELAND COAL COMPANY 3,766,715 Shares of Common Stock, $2.50 par value

More information

Management s Responsibility for the Statutory-Basis Financial Statements

Management s Responsibility for the Statutory-Basis Financial Statements Audited Financials Making Colorado a SAFER AND A Healthier Place TO WORK Independent Auditors Report The Members of the Legislative Audit Committee and Pinnacol Assurance Board of Directors: We have audited

More information

EMC Insurance Group Inc. Reports 2014 Fourth Quarter and Year-End Results and 2015 Operating Income Guidance

EMC Insurance Group Inc. Reports 2014 Fourth Quarter and Year-End Results and 2015 Operating Income Guidance FOR IMMEDIATE RELEASE Contact: Steve Walsh (Investors) 515-345-2515 Lisa Hamilton (Media) 515-345-7589 EMC Insurance Group Inc. Reports 2014 Fourth Quarter and Year-End Results and 2015 Operating Income

More information

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter)

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

REVEN HOUSING REIT, INC.

REVEN HOUSING REIT, INC. REVEN HOUSING REIT, INC. FORM 10-Q (Quarterly Report) Filed 08/12/15 for the Period Ending 06/30/15 Address 875 PROSPECT STREET SUITE 304 LA JOLLA, CA 92037 Telephone 858-459-4000 CIK 0001487782 Symbol

More information

American International Group, Inc.

American International Group, Inc. Financial Supplement Fourth Quarter 2013 All financial information in this document is unaudited. This report should be read in conjunction with AIG s Annual Report on Form 10-K for the year ended December

More information

THE WESTAIM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RELATED TO HOUSTON INTERNATIONAL INSURANCE GROUP, LTD. MARCH 20, 2014

THE WESTAIM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RELATED TO HOUSTON INTERNATIONAL INSURANCE GROUP, LTD. MARCH 20, 2014 THE WESTAIM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RELATED TO HOUSTON INTERNATIONAL INSURANCE GROUP, LTD. MARCH 20, 2014 TABLE OF CONTENTS HOUSTON INTERNATIONAL INSURANCE GROUP, LTD. ( HIIG ) 1.

More information

SECURITIES & EXCHANGE COMMISSION EDGAR FILING. italk, Inc. Form: 10-Q. Date Filed: 2014-07-18

SECURITIES & EXCHANGE COMMISSION EDGAR FILING. italk, Inc. Form: 10-Q. Date Filed: 2014-07-18 SECURITIES & EXCHANGE COMMISSION EDGAR FILING italk, Inc. Form: 10-Q Date Filed: 2014-07-18 Corporate Issuer CIK: 1373444 Symbol: TALK Fiscal Year End: 08/31 Copyright 2014, Issuer Direct Corporation.

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C. 20549 FORM 10-Q È UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

American International Group, Inc.

American International Group, Inc. Financial Supplement First Quarter 2012 This report should be read in conjunction with AIG s Report on Form 10-Q for the quarter ended March 31, 2012 filed with the Securities and Exchange Commission.

More information

PricewaterhouseCoopers, Chartered Accountants, P.O. Box HM 1171, Hamilton HM EX, Bermuda T: +1 (441) 295 2000, F: +1 (441) 295 1242, pwc.

PricewaterhouseCoopers, Chartered Accountants, P.O. Box HM 1171, Hamilton HM EX, Bermuda T: +1 (441) 295 2000, F: +1 (441) 295 1242, pwc. 1 April 27, 2012 Report of Independent Auditors To the Shareholder of XL Re Ltd In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, retained

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014 Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,

More information

The Farmers Automobile Insurance Association

The Farmers Automobile Insurance Association The Farmers Automobile Insurance Association Report on Audits of Financial Statements - Statutory Basis For the Years Ended December 31, 2015 and 2014 Table of Contents Page(s) Independent Auditor s Report...

More information

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited)

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Balance Sheets (Unaudited) (thousands of Canadian dollars) Note September 30, 2015 December 31,

More information

KAISER FOUNDATION HEALTH PLAN, INC. AND SUBSIDIARIES AND KAISER FOUNDATION HOSPITALS AND SUBSIDIARIES. Combined Financial Statements.

KAISER FOUNDATION HEALTH PLAN, INC. AND SUBSIDIARIES AND KAISER FOUNDATION HOSPITALS AND SUBSIDIARIES. Combined Financial Statements. Combined Financial Statements (Unaudited) Table of Contents Financial Statements (Unaudited): Kaiser Foundation Health Plan, Inc. and Subsidiaries and Kaiser Foundation Hospitals and Subsidiaries: Combined

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

The Depository Trust Company

The Depository Trust Company The Depository Trust Company Unaudited Condensed Consolidated Financial Statements as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 THE DEPOSITORY TRUST

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of March 31, 2015 and December 31, 2014 and Results of Operations for the Three Months Ended

More information

ENSTAR GROUP LTD FORM 8-K/A. (Amended Current report filing) Filed 06/14/13 for the Period Ending 03/31/13

ENSTAR GROUP LTD FORM 8-K/A. (Amended Current report filing) Filed 06/14/13 for the Period Ending 03/31/13 ENSTAR GROUP LTD FORM 8-K/A (Amended Current report filing) Filed 06/14/13 for the Period Ending 03/31/13 Telephone 441-292-3645 CIK 0001363829 Symbol ESGR SIC Code 6799 - Investors, Not Elsewhere Classified

More information

Akamai Technologies, Inc.

Akamai Technologies, Inc. (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly

More information

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter)

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported)

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of September 30, 2015 and December 31, 2014 and Results of Operations for the Nine Months Ended

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

MASUPARIA GOLD CORPORATION

MASUPARIA GOLD CORPORATION CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2011 and 2010 (expressed in Canadian Dollars) NOTICE TO READERS Under National Instrument 51-102, Part 4.3 (3)(a), if

More information

Summit State Bank (exact name of registrant as specified in its charter)

Summit State Bank (exact name of registrant as specified in its charter) FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON, D.C. 20429 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2010

More information

CARDIOME PHARMA CORP.

CARDIOME PHARMA CORP. Consolidated Financial Statements (Expressed in thousands of United States (U.S.) dollars) (Prepared in accordance with generally accepted accounting principles used in the United States of America (U.S.

More information

Sentinel Security Life Insurance Company

Sentinel Security Life Insurance Company Sentinel Security Life Insurance Company STATUTORY FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT AND OTHER LEGAL AND REGULATORY INFORMATION C O N T E N T S Page Independent Auditor s Report...

More information

SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark One) [ X ] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report The reader is advised that these financial statements have been prepared originally in Chinese.

More information

Half - Year Financial Report January June 2015

Half - Year Financial Report January June 2015 Deutsche Bank Capital Finance Trust I (a statutory trust formed under the Delaware Statutory Trust Act with its principle place of business in New York/New York/U.S.A.) Half - Year Financial Report January

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31,

More information

ACE BERMUDA INSURANCE LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 AND 2013

ACE BERMUDA INSURANCE LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 AND 2013 CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 AND 2013 CONSOLIDATED BALANCE SHEETS December 31, 2014 and 2013 2014 2013 (in thousands of U.S. dollars, except share and per share data) Assets Investments

More information

BERKSHIRE HATHAWAY INC.

BERKSHIRE HATHAWAY INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

American International Group, Inc.

American International Group, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

UNIFIED GROCERS, INC.

UNIFIED GROCERS, INC. (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY

More information